You will probably be able to appreciate BCP even more if you have a clearer idea of what the business can gain from it.
All these threats must be taken seriously by companies, considering their various effects or impacts when they result in the disruption of business operations.
The worst case scenario for businesses without BCP is the permanent end of operations.
According to Agility Recovery’s Paul Sullivan, 80% of companies that have no plans whatsoever and were subsequently hit with a crisis or major disaster had to call it a day without having gone past 18 months of operations.
Incidentally, if the factory workers are paid on a monthly basis instead of on an output basis, they will still be paid their regular compensation rates.
This, on top of the lost revenue, will further cause a drop in the profits of the business.
Organizational resilience means that the business can weather any storm and withstand any hits, and still remain operational, productive and profitable.
Being resilient means that the business is still able to recover and grow, bigger and stronger than ever.
The moment it is unable to deliver the products and services that it promised, the trust levels of customers, stakeholders and other industry players for the company will suffer greatly.
Lending institutions will think twice before granting any loans.